After 35% surge, how far could Gulf disruptions push European gas?
Benchmark European natural gas futures were up as much as 35% to above 68 euros ($78.09) per MWh on Thursday.
European gas prices spiked as much as 35% Thursday after Iran attacked energy facilities in the Middle East in response to Israel's bombing of the Iranian side of the South Pars gas field, the world’s largest natural gas field.
What happened: Benchmark European natural gas futures were up as much as 35% to above 68 euros ($78.09) per megawatt-hour Thursday, pushing prices to more than double the levels they were before the US-Israel-Iran war began Feb. 28.
Prices rose after several key gas facilities were attacked in the Middle East, including in Qatar and Iran.
On Wednesday, Israel attacked the Iranian side of the offshore South Pars gas field, which is shared by Iran and Qatar, a close US ally.
